7 Tips for Real Estate Investing Success
1. Find out what you really want from your investments.
Set goals. Where do you want to be 5 years from now? Do
you want a much larger nicer house for your family? How
about waltzing into a car dealership and paying cash?
Picture what you want.
Your investing needs to provide a living -and a lifestyle.
You need to be able to look forward and enjoy your life and
If you want to coach your children's sports teams, your
real estate needs to give you the time, not steal the time
from those precious events.
With proper planning you can learn how to out-source but
you've got to know where you want to go before you can get
2. Start simple and keep it simple
Sometimes it's too easy to lose focus because of
information overload. Our generation is being bombarded
with more knowledge than any in history. And it's only
going to get worse.
Real estate is basic investing. Stick to the fundamentals.
Go to the old gurus such as Tyler Hicks and read the old
books. Markets come and go, but the basics never change.
3. Do your investing one small step at a time
Don't try to compete with Donald Trump with your first
property. Start small.
Get your first property going. Then move on to the second
and the third. Don't worry about what the stars and
experts in online forums are doing. They've been at it
for a long time. Naturally they can do more. And you will
too if you don't allow your investing to get too
4. Focus on one aspect of investing for six months
What are you really interested in? Foreclosures, Buy and
Hold, Short Sales?
How is the market doing in your area of interest?
Concentrate on one type of investment and soak up
everything you can about it for six months. Not only will
you become an expert but it will be almost second nature to
5. Design your investing around your strengths and
Okay, this is the challenging one.
We've been taught all our lives that winners do what they
hate. It's a conditioning process. In order to get it
done, we've got to make ourselves do the dog work.
That's okay for football or high school algebra, but real
estate investing is different.
You need to like it. If there are parts of it you don't
like, don't get bent out of shape about it. Sub those
parts out. Out sourcing is one of the most valuable
lessons you can teach yourself.
Don't get upset about landlording if it's not your thing.
Out source that too. The most important point is to
invest. That's where the money is.
6.Stop analyzing and buy something
There are investors who paralyze themselves to death with
market analysis. Another way of putting it is they are
fearful of doing it. Jump in. Get your feet wet. Sure,
you might make some mistakes but if you read the right
real estate materials and study the right courses, as well
as networking, you can cut those mistakes down to miniscule
7. Set aside some properties for your lifetime profits.
This is your own personal bank. Whether you're a flipper,
wholesaler, rehabber and you want to move those properties
fast, this advice still applies to you.
It's amazing to me how some investors let perfectly great
properties get out of their hands because they want to make
a quick profit. Occasionally, keep a few of them. Hold on
and watch them appreciate. They may truly pay for your old
About the Author:
Alice Stevens is a real estate investor with 19 years
experience in property management. She writes regularly
for the lively and quick-witted blog, Real Estate Windfall.